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Financial News: China's Bank Lending Falls In August

China's Bank Lending Falls In August

09/12/2018 - 06:56:00 (RTTNews)

(RTTNews) - China's bank lending decreased in August, figures from the People's Bank of China showed Wednesday.

Banks lent CNY 1.28 trillion loans in August. Economists had forecast bank lending to fall to CNY 1.37 trillion from July's CNY 1.45 trillion.

However, aggregate financing increased to CNY 1.52 trillion from CNY 1.04 trillion last month.

Julian Evans-Pritchard, an economist at Capital Economics, said the upshot is that the jump in local government bond issuance last month, part of official efforts to support infrastructure spending, helped to avert a further slowdown in overall credit growth.

Policymakers will soon need to turn to other measures, such as further monetary easing or a relaxation of constraints on off-budget local government borrowing, in order to put a floor beneath credit growth and help prop up economic activity.

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